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Urgent - need some guidance on settlement

Valued Member

Urgent - need some guidance on settlement

Getting ready to close & just got settlement statement.  I have up to $7,950 in seller credit, however due to the limitations of how it's being applied, they only have about $1600 in seller credit toward closing cost....this is my question, can't I take the additional seller credit & pay off the UFMIP instead of financing into the loan - which wouldn't reduce the cash needed to close, but rather reduce the loan amount accordingly?  I have question into lender now - but wanted to get some feedback if possible!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


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Message 1 of 4
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Valued Member

Re: Urgent - need some guidance on settlement

Think I got my answer - they are sending revised HUD with seller paying the UFMIP & will reduce my loan amount by $4500 - woo hoo!!!!


Starting Score: 534 (10.30.12)
Current Score: 649 (12.9.12)
Goal Score: 700


Take the FICO Fitness Challenge
Message 2 of 4
Moderator

Re: Urgent - need some guidance on settlement

Yea! Yes, that's that way to turn lemons into lemonade! Smiley Happy

Message 3 of 4
Valued Contributor

Re: Urgent - need some guidance on settlement

Good job for noticing and getting it done over. Congrats.
Good Luck
May all your dreams and wishes become a reality!
Message 4 of 4